Self-Governance as a Pillar of Fraud Prevention: A Comprehensive Examination and Practical Recommendations

Abstract

This article delves into the crucial role of self-governance in preventing corporate fraud. It examines the conceptual framework and components of self-governance at both individual and institutional levels, highlighting the pivotal role of personal ethics in this context. Through an analysis of self-governance practices, including internal controls, ethical conduct, transparency, compliance, board oversight, risk management, auditing, and whistleblower protection, the article elucidates how organizations can effectively combat fraudulent activities. Drawing from global and local case studies, it provides concrete examples of successful self-governance strategies. Furthermore, the article discusses study outcomes and offers practical solutions to mitigate personal ethical issues within organizations. It concludes by emphasizing the significance of proactive approaches to fraud prevention and underscores the need for further research to deepen our understanding of the relationship between self-governance and corporate fraud prevention.

Keywords: Self-Governance, Corporate Governance, Good Governance, Fraud Prevention, Personal Ethics, Code of Conduct, Whistleblower Protection